US SBA $350B loan plan to be exhausted entirely – report
Funds that the United States government allocated in the CARES act for the Small Business Administration (SBA) and for the financial assistance to small firms that were impacted by the negative economic consequences of the coronavirus will be used up in its entirety during the day, the Wall Street Journal reported on Wednesday, citing an anonymous insider.
Earlier in the day, the SBA revealed that it gave the green light to provide a total of more than $289 billion in loans to 1.3 million applicants, the report said. The entire amount the White House dedicated to the plan stood at $350 billion as US Treasury Secretary Steven Mnuchin admitted yesterday that more money will be needed for the program.
The issue of aid to small businesses is now at the focus of a conflict between the main two political parties in the US, as Republicans are looking to expedite only another round of assistance to small businesses, while the Democrats want a new Congressional relief bill that would also include help for hospitals and local and state governments.
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